Statkraft SF - Government proposes increased equity capital

26.11.2010 11.31 | stock exchange information

Today, the Government proposes to increase the equity capital in Statkraft SF with NOK 14 billion in its proposal to the Norwegian Parliament (the Storting) for balancing of the national budget for 2010.

"The Board is very pleased with the Government's support for the company's strategy. The equity increase will enable Statkraft to strengthen its efforts both in and outside of Norway," says Chairman of the Board Svein Aaser.

Statkraft is Europe's leader in renewable energy and is represented in more than 20 countries. The Group's power generation in 2009 amounted to 56.9 TWh, while gross operating revenues were NOK 25.7 billion.

"The Government's proposal will strengthen Statkraft's growth in environmental and flexible power generation, international hydropower, wind power, in addition to district heating," says CEO Christian Rynning-Tønnesen.

The capital increase is subject to resolution in the Storting in December. The amount is proposed to be paid in as an equity capital increase in Statkraft SF, which will be used to increase the share capital in Statkraft AS.